When you are in the supermarket, you know that you can save a lot when you buy things in bulk. In the long run, you save a lot of money when you buy the things you want in bigger quantities. But in some cases it is not true. Here are some things that you should not buy in bulk:
Nuts
You can buy them in big bags and big containers and it is a great deal when you buy them in bulk but nuts expire in a matter of a month or at most two months. Nuts has a high level of fat which makes them go rancid in a shorter period of time than expected. You might also encounter the same problem with seeds. Before you buy them in bulk, just think how often will you snack on them or will a good portion just go to the bin.
Cooking oil
This depends on the kind of oil. Olive oil can be good for half a year as long as you store it in a dark, cool place. Corn oil and peanut oil will last for roughly a year if still sealed. Sesame oil will only go for a few months.
Brown Rice
Brown rice is a lot healthier than the usual white rice but it does not last as long. It can only go for as long as six months to twelve but you can stretch its life by keeping it in the fridge.
Condiments
You will not be consuming your stock of condiments for quite a times. So why buy them in bulk if they are only good for about six months. Things like ketchup, mustard or mayo may go bad when you buy them in bulk. Same is true for your peanut butter and jelly.
Retirement can be a pretty daunting stage in one’s life. Seniors must know how to stretch their lifetime savings over the next few decades, deal with cost for health care, and have a good contingency plan if they shortfall.
Being smart on your finances though goes beyond following a budget and balancing your checkbook. It is also about spending wisely and carefully. Here are some tips how retirees can spend wisely:
Take control of medicine costs
You will save a lot when you think generic or go for store brands. The prices of medicine can be three times higher if you go for branded ones. You can also sign up for discount programs which will save you some money thru time. There are pharmacies and groceries which offer these but you have to pay an annual fee.
Join a Warehouse club
Upon retirement you might think that you will not be doing a lot of shopping or you will not be needing a lot of things but it will be wise to signup with a warehouse club. You might not need to buy a lot of stuff in bulk but you will be able to save a lot in discounted non-food items like electronics, clothes, books, and fuel. You can also join thru your neighbors and just split the fees with them.
Review your insurance coverage
Before retirement make sure you know the ins and outs of your insurance coverage for your car, home, disability, life, and other coverage. It will be wisest to look for lower premiums, price cuts, or discounts upon your retirement. Double check your deductibles and get some quotes and you might end up with a better deal. You might also consider dropping life insurance if your kids are already independent and see if you will benefit more with long-term care coverage.
Tighten the wallet a bit on family spending
You might think it is a bit heartless if you will hold back on buying gifts for your children and grandkids but it keeping your finances in order is your top priority. Know your boundaries and know your financial priorities.
You might be putting aside some money on a regular basis and growing your savings but you might want to track your spending aside from building up your surplus. Think of it as keeping a bridge although you might think that you will not feel the difference when you monitor it or not. Here are some of the reasons why you need to monitor your expenses:
Keeping yourself organized and disciplined
Monitoring how you spend your money builds your discipline and organizes every bit of your finances. It gives you access to data which is easy to read and which you can review from time to time to see where you are going wrong and where you are doing good.
Makes you think about your finances
Think more about money and you might focus more about building up your finances. The more you know yourself and your spending habits, the more opportunities to save you will see.
Preventing Crisis
Looking at your cash flow on a regular basis will allow you to spot areas where you can improve on. This way you can prevent problems from starting. Instead of reacting to a financial crisis, you are well ahead of the situation and avoid financial nightmares.
Useful for family discussions
It is always hard to bring something up about money to your loved ones. If you involve everyone in the process—budget making and tracking of expenses—life will be a lot easier. You can discuss with your family where you need to tighten the belt a bit using your tracker which every member can understand.
Measure of progress
Ideally, you want to cut off on your spending and build a surplus of savings. It is impossible to do this though if you do not keep track of your budget.
Planning
When you keep track of your budget, you know what comes in and what comes out of your pocket every month. Knowing these, you can allocate the funds and know possible issues that you may need to address in the coming month or so.
Stress reliever
This last point is easy. Know where your money is at and going and you do not have an unknown variable. No need to worry, no stress.
